Hecla Mining (HL) on Sky High as Silver, Gold Resume Rally

We recently published 10 Stocks With Eye-Popping Gains; 7 Soar to Fresh Highs. Hecla Mining Company (NYSE:HL) is one of the top performers on Monday.

Shares of Hecla Mining surged to a new 52-week high on Monday, as investors loaded up portfolios amid the rally in spot prices of silver and gold.

At intra-day trading, Hecla Mining Company (NYSE:HL) touched a new all-time high of $10.28 before trimming gains to finish the day just up by 12.20 percent at $10.12 apiece.

This followed a surge in spot prices of silver, which, as of writing, was up by 0.74 percent at $41.31 per troy ounce. The increase was primarily driven by expectations of lower interest rates that could make precious metals cheaper and more appealing to investors.

Meanwhile, spot prices of gold were up by 1.37 percent at $3,635.73 per troy ounce.

The Federal Reserve is set to meet for its next FOMC meeting next week, and investors and analysts are highly anticipating an interest rate cut, a move that could weaken the US dollar and make dollar-denominated precious metals much cheaper to foreign investors.

Hecla Mining Company (NYSE:HL) is one of the largest producers of silver in the US and Canada.

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Disclosure: None. This article is originally published at Insider Monkey.